We have a strong foundation to build upon and are capable of being even stronger. I'm very excited about our prospects. My objective is to work with our leadership and the board to set a course for long-term growth.

we have a strong foundation to build upon and are capable of being even stronger i'm very excited about our prospects my objective is to work with our leadership and the board to set a course for long-term growth


Sustainability is 1 of 3 of our social impact priorities. Our aspiration to make coffee the first sustainable agricultural product is in direct support of coffee farmers around the world.

sustainability is one of three of our social impact priorities our aspiration to make coffee the first sustainable agricultural product is in direct support of coffee farmers around the world


Since the event, Dan has not been able to act in his CFO capacity and he will likely not be returning. We are thankful that he has now been released from the hospital, and he is now recuperating at home and is expected to make a full recovery.

since the event dan has not been able to act in his cfo capacity and he will likely not be returning we are thankful that he has now been released from the hospital and he is now recuperating at home and is expected to make a full recovery


There might be some small, minor changes going forward, but that's not what we anticipate. So as you're thinking about going forward, I think where we are is kind of what we're going to be from the next few quarters.

there might be some small minor changes going forward but that's not what we anticipate so as you're thinking about going forward i think where we are is kind of where we're going to be for the next few quarters


Well, we certainly hope and believe it's onetime when you think about this River Rhine issue. But if you want to categorize it as operational, that's fine with me. I don't know what category to put it under when we're dealing with these kind of record low water levels in the Rhine River.

well we certainly hope and believe it's onetime when you think about this river rhine issue but if you want to categorize it as operational that's fine with me i don't know what category to put it under when we're dealing with these kind of record low water levels in the rhine river


Control of Physician RCM workflow will allow us to integrate processes across the front-end and coding and billing functions as well as developing an analytics layer to support MACRA and ACL analytics.

control of physician rcm workflow will allow us to integrate processes across the front end and coding and billing functions as well as developing an analytics layer to support macra and aco analytics


We've had good interactions with multiple people within the government. And I think that there's a lot of excitement to move forward. But the next milestone has not been hit yet.

we've had good interactions with multiple people within the government and i think that there's a lot of excitement to move forward but the next milestone has not been hit yet


lead customers really don't like to give out what they're doing, and somebody that's working on an advanced platform, it's not necessarily that straightforward to do a joint press release.

lead customers really don't like to give out what they're doing and somebody that's working on an advanced platform it's not necessarily that straightforward to do a joint press release


we will push cost improvements every day in every way to maintain and hopefully extend the delight that Alpha brings to their customer base. There's no way we are going to step backwards,

we will push cost improvements every day and every way to maintain and hopefully extend the delight that alpha brings to their customer base there's no way we're going to step backwards


In our energy-related end markets, rig counts ticked up during the quarter and demand for our products increased. We are actively monitoring the market to ensure that we fully participate in the improving energy backdrop.

in our energy-related end markets rig counts ticked up during the quarter and demand for our products increased we are actively monitoring the market to ensure that we fully participate in the improving energy backdrop


We will concentrate on investment in businesses where we can proactively demonstrate our strengths and functions, and will thus, rebalance the resources and the non-resources portfolios.

we will concentrate on investment in businesses where we can proactively demonstrate our strengths and functions and will thus rebalance the resources and nonresources portfolios


We're encouraged by the strong pipelines we continue to have despite the strong fundings we have experienced. And while loans to mortgage companies will fluctuate, we are positive on the forward outlook for our loan growth prospects.

we're encouraged by the strong pipelines we continue to have despite the strong fundings we have experienced and while loans to mortgage companies will fluctuate we are positive on the forward outlook for our loan growth prospects


And we just announced Ziggo Sport. This is our own basic sports service, built off of our existing premium sports platform and provided exclusively to our customers at no additional costs. So behind the scenes, of course, we continue to make significant progress

and we just announced ziggo sport this is our own basic sports service built off of our existing premium sports platform and provided exclusively to our customers at no additional cost so behind the scenes of course we continue to make significant progress


is that, in fact, there are a lot of clients that have always believed in mail, that continue to believe in mail, that are working with us to support mail, and increasingly, we're seeing health plans move that direction. And so we've had several large health plans in the last 6 months

is that in fact there are a lot of clients that have always believed in mail that continue to believe in mail that are working with us to support mail and increasingly we're seeing health plans move that direction and so we've had several large health plans in the last 6 months


Through these efforts, we have taken major steps to improve our customers' in-store experience and help ensure that we deliver a 5 star experience to them every time at every one of our store locations.

through these efforts we have taken major steps to improve our customers' in-store experience and help ensure that we deliver a 5-star experience to them every time at every one of our store locations


but we have to make sure that it is a high quality and a good product. So here answers are ready for all our consumers what their demand is.

but we have to make sure that it is a high quality and a good product so here answers are ready for all our consumers what their demand is


hell bent on rolling this out across all 3 states that we're affected in no matter what that first rollout looks like. We really do think that there are going to be a lot of providers who are not up for

hell-bent on rolling this out across all 3 states that we're affected in no matter what that first rollout looks like we really do think that there are going to be a lot of providers who are not up for


With the introduction of GST and with the earlier VAT regime, some of the arbitrage is gone, that we believe it becomes a very, very interesting opportunity for us to focus upon.

with the introduction of gst and with the earlier vat regime some of the arbitrage is gone that we believe it becomes a very very interesting opportunity for us to focus upon


acquisitions that make sense. I said repeatedly in the past that we will continue to be strategic in our growth initiatives, but selective. And that meaning that we will look at a lot of

acquisitions that make sense i've said repeatedly in the past that we will continue to be strategic in our growth initiatives but selective and that meaning that we will look at a lot of


We've improved our outlook for high-margin per share growth and we're doing it for less capital. We're exceeding every expectation that was communicated at last year's November Investor Day.

we've improved our outlook for high margin per share growth and we're doing it for less capital we're exceeding every expectation that was communicated at last year's november investor day


before going exactly on how we invested, I want to use 3 key successes of the year. 3 key successes that demonstrate the value of the AMPLIFY platform and our strategy. The first one, a large bank in Brazil.

before going exactly on how we invested i want to use 3 key successes of the year 3 key successes that demonstrate the value of the amplify platform and our strategy the first one a large bank in brazil


But also as we have now clearly demonstrated the promise of our platform with the ASPIRO results, we are interested in disease targets that provide the potential for our work to make a broader impact in larger patient populations.

but also as we have now clearly demonstrated the promise of our platform with the espira results we are interested in disease targets that provide the potential for our work to make a broader impact in larger patient populations


have given what you were talking about as backlog and some increased activity in both public and private markets. So just to make it a little cleaner, what are your expectations for pricing and what gives you confidence in your ability to realize better pricing

have given what you were talking about as backlog and some increased activity in both public and private markets so just to make it a little cleaner what are your expectations for pricing and what gives you confidence in your ability to realize better pricing


It's static and inefficient and inflexible. And we believe that technology is available to us today to really improve this. And that's really what this is all about. It's about improving

it's static inefficient and inflexible and we believe that technology is available to us today to really improve this and that's really what this is all about it's about improving


We are benefiting from a better heating season this year after experiencing 2 years of market declines. In addition to market growth, we are also gaining market share in our historically strong Midwest and Northeast region, along with making gains in the Canadian market.

we are benefiting from a better heating season this year after experiencing 2 years of market declines in addition to market growth we are also gaining market share in our historically strong midwest and northeast region along with making gains in the canadian market


a little bit broader than your question, but the point I'm trying to make is that I think retail is going to continue to evolve. And the important thing as a landlord is that you have the flexibility and, importantly, the rent basis

a little bit broader than your question but the point i'm trying to make is that i think retail is going to continue to evolve and the important thing as a landlord is that you have the flexibility and importantly the rent basis


Ever since 2010, when we started to see these regulatory and efficiency issues in Spain, we are the only utility company in Europe that has managed to get its results

ever since 2010 when we started to see these regulatory and efficiency issues in spain we are the only utility company in europe that has managed to get its results


from the EBITDA that you generate? That is question number one. Question number two, can you comment on the progress that you're making with pricing, both in domestic coated board

from the ebitda that you generate that is question number one question number two can you comment on the progress that you're making with pricing both in domestic coated board


As Nick mentioned, our commercial team has successfully executed this expansion process the last 2 years, and we fully expect the 2019 expansion to be just as successful.

as nick mentioned our commercial team has successfully executed this expansion process the last 2 years and we fully expect the 2019 expansion to be just as successful


Many of the auction dynamics were consistent with prior quarters, although ad volumes were much higher in Q4. It was very encouraging to see some substantial daily sales volumes flowing through the auction during the quarter.

many of the auction dynamics were consistent with prior quarters although ad volumes were much higher in q4 it was very encouraging to see some substantial daily sales volumes flowing through the auction during the quarter


So one of the questions we had around the move towards emphasizing the higher quality or going upscale a little bit, how do you demonstrate that quality to the customer? Because

so one of the questions we had around the move towards emphasizing the higher quality or going upscale a little bit how do you demonstrate that quality to the customer because


Revenues continue to reflect the timing, mix and progress of contracts on hand and more importantly the effect of our strategic decision to narrow our focus to more vertically integrated jobs.

revenues continue to reflect the timing mix and progress of contracts on hand and more importantly the effect of our strategic decision to narrow our focus to more vertically integrated jobs


Many of the listeners on today's call participated in the Analyst Day that we held on the -- held at the New York Stock Exchange on September 13. In addition to the high-level overview of the company that we often provide in our Investor Meetings,

many of the listeners on today's call participated in the analyst day that we held on the -- held at the new york stock exchange on september 13 in addition to the high-level overview of the company that we often provide in our investor meetings


Our continued investment in facilities and people in China is allowing us to take advantage of the multiple growth opportunities in the vintage and modern coin market segments there. As we develop China further,

our continued investment in facilities and people in china is allowing us to take advantage of the multiple growth opportunities in the vintage and modern coin market segments there as we develop china further


in terms of weight and hang it off the walls type boxes, very thin. So that almost brings the same pressure that you would have in a phone and a tablet in terms of cramming stuff in a very tight space

in terms of weight and hang it off the walls tight boxes very thin so that almost brings the same pressure as you would have in a phone and a tablet in terms of cramming stuff in a very tight


These are defined by the Private Securities Litigation Reform Act of 1995. They are based on information and data that is currently available. However, the actual performance may differ due to various factors,

these are defined by the private securities litigation reform act of 1995 they are based on information and data that is currently available however the actual performance may differ due to various factors


Second, we're making strides with our continuous improvement initiative, where we're taking advantage of the great work that has been done in manufacturing to deliver cost reductions with Lean and Six Sigma initiatives across our entire business.

second we are making strides with our continuous improvement initiative where we are taking advantage of the great work that has been done in manufacturing to deliver cost reductions with lean and six sigma initiatives across our entire business


We believe we will be highly competitive in similar bids. Our strength in integrating complex technologies enables us to handle the sophisticated networking software

we believe we will be highly competitive in similar bids our strength in integrating complex technologies enables us to handle the sophisticated networking software


In the institutional channel, net outflows moderated from the third quarter, but remained negative in the absence of sizable wins. Outflows remained subdued this far -- thus far in January.

in the institutional channel net outflows moderated from the third quarter but remained negative in the absence of sizable wins outflows remained subdued thus far in january


Canadian Banking is focused on optimizing its business mix, driving higher productivity and acquiring new primary customers. James and his team will be driving improved productivity

canadian banking is focused on optimizing its business mix driving higher productivity and acquiring new primary customers james and his team will be driving improved productivity


We have built this relationship over time. And as a result of our fourth transaction with them, they are now in our top 10. As of the end of third quarter, we had 19 vacant properties, 13 of which are Gander Mountain properties.

we have built this relationship over time and as a result of our fourth transaction with them they are now in our top 10 as of the end of third quarter we had 19 vacant properties 13 of which are gander mountain properties


So if you could just explain that. And the other thing is, on your traction motor, I'm just wondering if you could just clarify if this is the -- if you have 1 model and this is going into a particular

so if you could just explain that and the other thing is on your traction motor i'm just wondering if you could just clarify if this is the -- if you have one model and this is going into a particular


how important is it going to be that Autodesk has both the underlying BIM data as well as the PlanGrid capabilities versus others in the space that maybe don't have that underlying BIM data?

how important is it going to be that autodesk has both the underlying bim data as well as the planned grid capabilities versus others in the space that maybe don't have that underlying bim data


The lack of existing supply in the coastal areas of the state continues to be a great driver of new home demand and pricing power. It has also compelled many new homebuyers to consider housing alternatives further inland,

the lack of existing supply in the coastal areas of the state continues to be a great driver of new home demand and pricing power it has also compelled many new homebuyers to consider housing alternatives further inland


We believe second half results will be strong despite the aforementioned loss of a large customer contract and that we will grow profits above prior year levels, driven by cost reductions and an improved sales mix,

we believe second half results will be strong despite the aforementioned loss of a large customer contract and that we will grow profits above prior year levels driven by cost reductions and improved sales mix


Sure, sure. And the follow-up is actually a clarification. It took roughly about 3.5 weeks to get the first patient enrolled. Did you say how many patients have been screened in the context of patient enrollment? And what's your understanding of the

sure and the follow-up is actually a clarification it took roughly about 3 5 weeks to get the first patient enrolled did you say how many patients have been screened in the context of patient enrollment and what's your understanding of the


So we're actually very encouraged by the launch of SPINRAZA because it's demonstrating that clearly there is a market out there in need. It's demonstrating that payers are willing to pay for

so we're actually very encouraged by the launch of spinriza because it's demonstrating that clearly there is a market out there in need it's demonstrating that payers are willing to pay for


During his speech, Jay made 2 major announcements. First, was the introduction of their new brand with a wide range of electrification options of axles called Blue Horizon.

during his speech jay made 2 major announcements first was the introduction of their new brand with a wide range of electrification options of axles called blue horizon


our cash balance is very strong, even as we sit here today, orders growing. So not concerned, and we've got many good options, and we'll do what's in the best interest of the company to execute on this growth strategy.

our cash balance is very strong even as we sit here today orders growing so not concerned and we've got many good options and we'll do what's in the best interest of the company to execute on this growth strategy


fairly full impact after we get the noise of the integration out of the way and I expect that to be largely complete in the second quarter.

fairly full impact after we get the noise of the integration out of the way and i expect that to be largely complete in the second quarter


Well, again, I think that there are premiums. It's usually based upon the market price for the product. Most of these contracts do have phrases for extraordinary increases in cost.

well again i think that there are premiums it's usually based upon the market price for the product most of these contracts do have phrases for extraordinary increases in cost


Most importantly, our customers are noticing, and I'm confident we are focused on the right measures. We have a lot of work ahead of us, but I'm optimistic about the future of Chipotle. We have a strong economic model, a loyal customer base and a powerful purpose.

most importantly our customers are noticing and i'm confident we are focused on the right measures we have a lot of work ahead of us but i'm optimistic about the future of chipotle we have a strong economic model a loyal customer base and a powerful purpose


We have also seen an increase in income tax when compared to the previous year due to a reduction in 2014 from the impact of deferred taxes in Spain after the decrease in the corporate tax rate.

we have also seen an increase in income tax when compared to the previous year due to a reduction in 2014 from the impact of the deferred taxes in spain after the decrease in the corporate tax rate


that's been why you haven't seen us transact in -- other than to be on the sell side, but you haven't seen us transact. We're disciplined about what we're going to spend for what we are going to get.

that's been why you haven't seen us transact in -- other than to be on the sell side but you haven't seen us transact we're disciplined about what we're going to spend for what we're going to get


Before I leave bookings, I want to reiterate the point that Rusty made. In conversations with our clients, it has become clear what they need to succeed in the evolving health care world. That clarity has led us to make some dynamic changes

before i leave bookings i want to reiterate the point that rusty made in conversations with our clients it has become clear what they need to succeed in the evolving health care world that clarity has led us to make some dynamic changes to the


We are pleased with the increased financial flexibility afforded us by the increased liquidity. We believe the strength of our balance sheet will continue to provide us with a competitive advantage,

we are pleased with the increased financial flexibility afforded us by the increased liquidity we believe the strength of our balance sheet will continue to provide us with a competitive advantage


A number of our competitors have either seized funding or completely shut down over the past several months. From the intelligence we were able to gather, this is largely due to credit issues in their portfolios. As

a number of our competitors have either ceased funding or completely shut down over the past several months from the intelligence we were able to gather this is largely due to credit issues in their portfolios


And so one of the things which is high in our list to talk through in detail on March 8 is exactly how we think we're differentiated versus the other people that you often think of as our competitors.

and so one of the things which is high on our list to talk through in detail on march 8 is exactly how we think we're differentiated versus the other people that you often think of as our competitors


Exactly. So we always like to go to the markets when it's really a nice time to go, where we have good positive dynamics to effectively and efficiently issue capital.

exactly so we always like to go to the markets when it's really a nice time to go where we have good positive dynamics to effectively and efficiently issue capital


several quarters and has not really been dropping off, except for maybe the year ago comparison. Can you say whether or not there's a particular customer group or particular application where this is strong for you?

several quarters and has not really been dropping off except for maybe the year-ago comparison can you say whether or not there's a particular customer group or particular application where this is strong for you


And I can't point to the fourth quarter of last year as a massive improvement there because we spent more on marketing and we actually did fewer sales. So you're 100% right on that. But we do see

and i can't point to the fourth quarter of last year as a massive improvement there because we spent more on marketing and we actually did fewer sales so you're 100% right on that but we do see


We remained focused on the timely resolution of our nonperforming loans in order to expedite the transition out of these investments, while maximizing returns. We believe

we remain focused on the timely resolution of our nonperforming loans in order to expedite the transition out of these investments while maximizing returns we believe


many things that drive our guidance and that we put into there when we consider that. We're making good strides on a lot of the key elements of the portfolio, particularly the start-ups. But there are all kinds of different headwinds and tailwinds inside that.

many things that drive our guidance and that we put into there when we consider that we're making good strides on a lot of the key elements of the portfolio particularly the startups but there are all kinds of different headwinds and tailwinds inside that


much better quality financials from the company, at which point, we might need to consider a restructuring of those loans. And once those proposals and discussions have happened, we would be able to understand

much better quality financials from the company at which point we might need to consider restructuring of those loans and once those proposals and discussions have happened we would be able to understand


While few facilities experienced periodic power outages that required the use of backup generators and some various minor cosmetic damage to exterior buildings, no meaningful disruptions occurred.

while a few facilities experienced periodic power outages that required the use of backup generators and some very minor cosmetic damage to exterior buildings no meaningful disruptions occurred


But we're not finished. Our culture of identifying ways to simplify and streamline is firmly established around the company, and we plan to deliver continuous improvement in operational

but we're not finished our culture of identifying ways to simplify and streamline is firmly established around the company and we plan to deliver continuous improvement in operational


As far as the margin structure, the larger projects tend to be more complex. They do fit our model better because we have a very strong advantage with our engineering capability.

as far as the margin structure the larger projects tend to be more complex they do fit our model better because we have a very strong advantage with our engineering capability


The complete description of these measures and the reconciliation to GAAP may be found in an exhibit L in our press releases for both the third and second quarters of 2016 as well as on our website.

the complete description of these measures and the reconciliation to gaap may be found in exhibit l in our press releases for both the third and second quarters of 2016 as well as on our website


I guess is there a minimum size an agent needs to be to operate in the new environment? I mean, I would expect some consolidation on the agent side, but can you give us a sense of how big an agent needs to be now?

i guess is there a minimum size an agent needs to be to operate in the new environment i mean i would expect some consolidation on the agent side but can you give us a sense of how big an agent needs to be now


We're confident that this investment along with our organic capital investments for growth and productivity will lead to future margin expansion. Turning to Slide 7, I will cover the industry dynamics and outlook.

we're confident that this investment along with our organic capital investments for growth and productivity will lead to future margin expansion turning to slide 7 i will cover the industry dynamics and outlook


We're going to be meeting with the agencies for our annual review in early April. And as you would expect, the beneficial impact of accelerated depreciation will be on the table.

we're going to be meeting with the agencies for our annual review in early april and as you would expect the beneficial impact of accelerated depreciation will be on the table


During today's call, management will discuss non-GAAP financial measures, including distributable net investment income. Please refer to yesterday's press release for a reconciliation of these measures to the most directly comparable GAAP financial measures.

during today's call management will discuss non-gaap financial measures including distributable net investment income please refer to yesterday's press release for a reconciliation of these measures to the most directly comparable gaap financial measures


As you've heard me say before, medium to large business customers do not tend to spend on optimism. That said, we did see some ongoing customer conversations on larger projects start to move from discussion to sale.

as you've heard me say before medium to large business customers do not tend to spend on optimism that said we did see some ongoing customer conversations on larger projects start to move from discussion to sale


In summary, we are very pleased with our results for the fourth quarter and the full year of 2016. We are poised to take advantage of continued growth opportunities in new and existing markets and believe we are well positioned

in summary we are very pleased with our results for the fourth quarter and the full year of 2016 we are poised to take advantage of continued growth opportunities in new and existing markets and believe we are well positioned


actually amazing. In NewWave, I don't think we can make a judgment call on the new pricing there because we have put so many

it is actually amazing in new wave i don't think we can make a judgment call on the new pricing there because we have put so many


there should be and there will be consolidation in our business, and we want to participate that in at least to the level of looking. And if the fit is right and if we put the highest value on something,

there should be and there will be consolidation in our business and we want to participate that and that at least to the level of looking and if the fit is right and if we put the highest value on something


So now you don't need to take away the merchandise, you just pay and go, and you get it delivered a few hours later to your home. This is very successful, has been deployed in 6 large cities in France and will be further expanded.

so now you don't need to take away the merchandise you just pay and go and you get it delivered a few hours later to your home this is very successful has been deployed in 6 large cities in france and will be further expanded


We believe these cost reduction initiatives will provide sustainable benefits as prices recover. Our employees have done an outstanding challenge, rising to what's being asked of them in this environment. They're clearly doing more with less.

we believe these cost reduction initiatives will provide sustainable benefits as prices recover our employees have done an outstanding challenge rising to what's being asked of them in this environment they are clearly doing more with less


So just for clarification, is the intention to keep it indefinitely? Or you think that you will look to sell it down the road maybe as things turn a little bit?

so just for clarification is the intention to keep it indefinitely or do you think that you will look to sell it down the road maybe as things turn a little bit


helping our folks understand that we're going to service the heck out of Anthem. We have nothing but intention to continue to do a great job for them, to position ourselves well to be a choice that they want to make it at some period of time in the future when we get this behind us. And so

helping our folks understand that we're going to service the heck out of anthem and we have nothing but intention to continue to do a great job for them to position ourselves well to be a choice that they want to make at some period of time in the future when we get this behind us and so


The highest line pressures you'd probably expect kind of for 3Q, you'd probably be witnessing now, so you're fairly comfortable with where you set the guidance for 3Q. Is that... Yes. We forecast any curtailments that we might

the highest line pressures you'd probably expect kind of for 3q you'd probably be witnessing now so you're fairly comfortable with where you set the guidance for 3q is that yes we forecast any curtailments that we might


This is another groundbreaking innovation for the industry which will utilize the latest crowd-sourcing technology to dramatically improve the guest experience, giving skiers and riders more transparency and choice during their ski day.

this is another groundbreaking innovation for the industry which will utilize the latest crowdsourcing technology to dramatically improve the guest experience giving skiers and riders more transparency and choice during their ski day


as well as doing more on the shaver side. I think there's an opportunity for us with the more powerful platform to do more with ultrasonic shavers. So those are really the areas that we'll probably be spending the dollars.

as well as doing more on the shave side i think there's an opportunity for us with a more powerful platform to do more with ultrasonic shavers so those are really the areas that we'll probably be spending the dollars


We also intend to leverage this market segmentation and customer demographic information to assess our existing real estate portfolio, as well as identify key markets for acquisitions and greenfield expansion.

we also intend to leverage this market segmentation and customer demographic information to assess our existing real estate portfolio as well as identify key markets for acquisitions and greenfield expansion


Now it's not that this is finished, but I think we still just have lower contribution. Now the second thing is that we as well these 2 companies,

now it's not that this is finished but i think we still just have lower contribution now the second thing is that we as well these 2 companies


making sure that we've got certain stability within our commercial structure and that all the partners have the capability to go move forward and fund these projects. But just to make sure the record is clear,

making sure that we've got certain stability within our commercial structure and that all the partners have the capability to go move forward and fund these projects but just to make sure the record is clear


Unlike the banks and credit unions that are primarily focused on their own proprietary products, our strategy is unique as we look to partner with others, including the banks, to bring the best products to our members while we control and deliver on the best digital experience.

unlike the banks and credit unions that are primarily focused on their own proprietary products our strategy is unique as we look to partner with others including the banks to bring the best products to our members while we control and deliver on the best digital experience


And I think what we are beginning to see are opportunities that exceed what we've got when we were going into the acquisition of Alent. I'll turn it over to Scot, who runs our Performance Solutions business, to give you some more specifics.

and i think what we are beginning to see are opportunities that exceed what we thought when we were going into the acquisition of eland i'll turn it over to scott who runs our performance solutions business to give you some more specifics


Our wholesale partners were thrilled to see that we have recaptured the brand DNA that had made us so successful in years past, and we were pleased to see that the very emotional connection that our partners had towards the brand has been restored.

our wholesale partners were thrilled to see that we have recaptured the brand dna that had made us so successful in years past and we were pleased to see that the very emotional connection that our partners had towards the brand has been restored


On the positive side from our perspective, these forces have opened up a buying opportunity. With the announcement of this new share buyback program, we intend to walk the walk and not just talk the talk.

on the positive side from our perspective these forces have opened up a buying opportunity with the announcement of this new share buyback program we intend to walk the walk and not just talk the talk


So they would be done, I would call it, opportunistically because we thought it enabled us to either grow faster, expand faster or supplemented our technology in some way that was beneficial for customers.

so they would be done i would call it opportunistically because we thought it enabled us to either grow faster expand faster or supplemented our technology in some way that was beneficial for customers


When I stepped down as CEO of eBay, I had the opportunity to survey the technology landscape and it became clear to me that cloud businesses are disrupting both consumer and enterprise experiences for the better.

when i stepped down as ceo of ebay i had the opportunity to survey the technology landscape and it became clear to me that cloud businesses are disrupting both consumer and enterprise experiences for the better


Secondly, we're going to be very aggressive in managing our fuel expense, looking very closely at where we purchase both over the road and our bulk, analyzing our fuel optimization route and really taking advantage

secondly we're going to be very aggressive in managing our fuel expense looking very closely at where we purchase both over the road and our bulk analyzing our fuel optimization route and really taking advantage


tax reform impacting that through. I guess there's some concern about the Blues into next year. And on the PBM side, with all the deals being announced, how your competitors might be responding to that and whether there's any opportunity or risk to pricing heading into next year.

tax reform and passing that through i guess there's some concern about the blues into next year and on the pbm side with all the deals being announced how your competitors might be responding to that and whether there's any opportunity or risk to pricing heading into next year


What are you doing differently, Ron, that your predecessors weren't? Is it better execution? Is it better technology? Is it more feet on the street? How are you doing so much better relative to the past?

what are you doing differently ron that your predecessors weren't is it better execution is it better technology is it more feet on the street how are you doing so much better relative to the past


With the expected increase in digital payments embedded in a growing number of devices, we continue to build out a global network of partners to offer secure, digital payment token services in creating a more secure commerce platform.

with the expected increase in digital payments embedded in a growing number of devices we continue to build out a global network of partners to offer secure digital payment token services in creating a more secure commerce platform


While some of this was market-driven, our results were also significantly influenced by the level of investment we made in our primary businesses to pursue the organic growth objectives we envisioned 5 years ago.

while some of this was market-driven our results were also significantly influenced by the level of investment we made in our primary businesses to pursue the organic growth objectives we envisioned 5 years ago


The improvement reflects favorable changes in the mix of income earned in lower rate jurisdictions, the continued execution of the company's tax strategies and the benefit of discrete tax items recorded in the quarter.

the improvement reflects favorable changes in the mix of income earned in lower rate jurisdictions the continued execution of the company's tax strategies and the benefit of discrete tax items recorded in the quarter


And so -- and then obviously, hire them. So we're going to start doing that right away and we think that we can, as Jim mentioned, hire an additional 5 fairly quickly in the January timeframe.

and so -- and then obviously hire him so we're going to start doing that right away and we think that we can as jim mentioned hire an additional 5 fairly quickly in the january time frame


how -- just how successful the wells are. So we need a little bit more time with that. It will be the end of the year before we know more about the horizontal potential, at least, to assume even one portion of our field in the Altamont. So

how -- just how successful the wells are so we need a little bit more time with that it'll be the end of the year before we know more about the horizontal potential at least just even one portion of our field in the altamont so


run from an OpEx point of view. I think my focus is really starting with the strategy and which product areas we want to focus on. And then from the strategy, obviously, that will

run from an opex point of view i think my focus is really starting with the strategy and which product areas we want to focus on and then from the strategy obviously that will


This not only strengthens the cash, it gives us much greater flexibility to continue our investments in the infrastructure in terms of manufacturing, but also to take opportunities in the pipeline.

this not only strengthens the cash it gives us much greater flexibility to continue our investments in the infrastructure in terms of manufacturing but also to take opportunities in the pipeline


Demand across the industry remains encouraging, driving incremental investments throughout the year to support and serve that interest. Our teams continue to innovate and collaborate to adapt to the ever-evolving regulatory environment.

demand across the industry remains encouraging driving incremental investments throughout the year to support and serve that interest our teams continue to innovate and collaborate to adapt to the ever-evolving regulatory environment


Mary Lou will shed additional light on some of the key front store initiatives. And as I have mentioned in the past, acquisition and partnership activity will play an integral role to accelerate our growth strategy.

mary lou will shed additional light on some of the key front store initiatives and as i have mentioned in the past acquisition and partnership activity will play an integral role to accelerate our growth strategy


across lines of business and geographies. In fact, we're entering 2018 with one of the best years of net new business performance in the company's history, which gives us confidence in the revenue growth within our multiyear framework.

across lines of business and geographies in fact we're entering 2018 with one of the best years of net new business performance in the company's history which gives us confidence in the revenue growth within our multiyear framework


The goal being that those qualifications are as coincident as possible, but we definitely don't control that. And I have no commitments from customers in terms of when they're going to get this thing qualified. But

the goal being that those qualifications are as coincident as possible but we definitely don't control that and i have no commitments from customers in terms of when they're going to get this thing qualified but


for them to be more specialized to really, again, correspond to the fundamental trends on the markets. And one of those is for the people suffering from major cognitive troubles,

for them to be more specialized to really again correspond to the fundamental trends on the market and one of those is for the people suffering from major cognitive troubles


and I think that still affects the company. Therefore, what we see now is an environment where 2 of the main competitors or maybe 2 of your largest competitors have problems

and i think that still affects the company therefore what we see now is an environment where 2 of the main competitors or maybe 2 of your largest competitors have problems


Before I move on to our operating priorities, I'd like to discuss the sale of our Language Solutions business, which closed on July 22. This transaction was an important step in executing our strategy,

before i move on to our operating priorities i'd like to discuss the sale of our language solutions business which closed on july 22 this transaction was an important step in executing our strategy


This was slightly better than we had expected as attrition from the client that we discussed last quarter has not started as expected. Note we still expect RCM revenues to slow in the back half of the fiscal year.

this was slightly better than we had expected as attrition from the client that we discussed last quarter has not started as expected note we still expect rcm revenues to slow in the back half of the fiscal year


As a reminder, we now report uncollectible balances associated with patient responsibility as a reduction of net revenues instead of bad debt due to a change in revenue recognition accounting.

as a reminder we now report uncollectible balances associated with patient responsibility as a reduction of net revenues instead of bad debt due to a change in revenue recognition accounting


So we are able to spend some incremental cash to get these rigs to work. The other is really just the demands for these 2 specific types of rigs. We were essentially booked out on APEX-XKs, and we had a customer

so we were able to spend some incremental cash to get these rigs to work the other is really just the demands for these 2 specific types of rigs we were essentially booked out on apex xks and we had a customer


In addition to providing another independent validation of the value of our real estate, the proceeds allowed us to pay down our term loan B and further delever HBC's balance sheet.

in addition to providing another independent validation of the value of our real estate the proceeds allowed us to pay down our term loan b and further delever hbc's balance sheet


This diversity will help us to continue to execute on our strategy and deliver value to our shareholders going forward. Now I would like to pass the call to Jerry who will provide an update on our retail initiatives.

this diversity will help us to continue to execute on our strategy and deliver value to our shareholders going forward now i would like to pass the call to jerry who will provide an update on our retail initiatives


We should also recognize if tax rates are lower, our deferred tax asset would need to be written down, but since very little of that asset counts towards regulatory capital, the impact on our financial condition would be very limited.

we should also recognize that tax rates are lower our deferred tax asset would need to be written down but since very little of that asset counts towards regulatory capital the impact on our financial condition would be very limited


Our advisers, many of whom have structured their practices as pass-through entities, may also be able to benefit from lower taxes. We believe this will both strengthen their earnings and position them to invest in more growth.

our advisers many of whom have structured their practices as pass-through entities may also be able to benefit from lower taxes we believe this will both strengthen their earnings and position them to invest in more growth


The process for nominating and receiving Senate confirmations for new U.S. attorneys continues to move forward. These individuals, of course, are the nation's principal litigators that operate under the direction of the Attorney General.

the process for nominating and receiving senate confirmations for new u s attorneys continues to move forward these individuals of course are the nation's principal litigators that operate under the direction of the attorney general


availability of wheat in the long term or the medium term to be sufficient. So we always tried on the import parity mechanism. We've rationalized our wheat milling footprint to 5 mills, which we operate now

availability of wheat in the long term or the medium term to be sufficient so we always trade on the import parity mechanism we've rationalized our wheat milling footprint to 5 mills which we operate now


Our company's advantages in AI aren't just somewhat better than our competitors. It's structurally superior. All systematic incentives for progress in AI, for us, are aligned towards deepening our market lead in users,

our company's advantages in ai aren't just somewhat better than our competitors it's structurally superior all systematic incentives for progress in ai for us are aligned towards deepening our market lead in users


So you will notice that we're not changing the outlook from what we said 6 months ago. Over the past 6 months, we have seen some normalization of mine plans. And we believe that this will continue but it will be gradual.

so you will notice that we are not changing the outlook from what we said 6 months ago over the past 6 months we have seen some normalization of mine plans and we believe that this will continue but it will be gradual


The first point is to expand our airline revenue platform. Both ANA and the LCCs will improve basic quality, then we will pursue an optimal portfolio and expand our revenue platform.

the first point is to expand our airline revenue platform both ana and the lccs will improve basic quality then we will pursue an optimal portfolio and expand our revenue platform


This may be a variation of what we saw a few years ago with cease and desist activity. We're looking into whether there's a legal activity associated with this issue. And if so, we'll take appropriate action.

this may be a variation of what we saw a few years ago with cease and desist activity we're looking into whether there's a legal activity associated with this issue and if so we'll take appropriate action


And we're avoiding a lot of those headwinds. So we're not faced with the same situation that many others CPG companies are today. And again, we've talked about this a number of times in the past about

and we're avoiding a lot of those headwinds so we're not faced with the same situation that many other cpg companies are today and again we've talked about this a number of times in the past about


I think it's best to just talk very briefly about each project. First project is the Los Angeles integration and compliance project. So all the design, engineering, all the evaluation of that

i think it's best to just talk very briefly about each project first project is the los angeles integration and compliance project so all the design engineering all the evaluation of the -- of that


And on the merchandise price cuts, is that just part of your ongoing strategy that you've been using for the past couple decades to drive volume? Or was that to clear merchandise?

and on the merchandise price cuts is that just part of your ongoing strategy that you've been using for the past couple of decades to drive volume or was that to clear merchandise


An amazing and diverse slate of movies from both the major studios and independent film companies, coupled with attractive returns from the execution of our global cinema strategy, drove this record quarterly results.

an amazing and diverse slate of movies from both the major studios and independent film companies coupled with attractive returns from the execution of our global cinema strategy drove these record quarterly results


This is perhaps an obvious statement to make after receiving 2 Complete Response Letters, but it is important to keep in mind as we are moving Ocular forward to be able to support not only DEXTENZA manufacture

this is perhaps an obvious statement to make after receiving 2 complete response letters but it is important to keep in mind as we are moving ocular forward to be able to support not only dextenza manufacture


Moving to the export markets. In China, sales volumes and realizations for our logs declined modestly compared with the fourth quarter in connection with the typical slowdown in construction activity during the Lunar New Year.

moving to the export markets in china sales volumes and realizations for our logs declined modestly compared with the fourth quarter in connection with the typical slowdown in construction activity during the lunar new year


which is not any increase in CapEx, but we found an opportunity -- we were approached with an opportunity where we could bring forward some existing CapEx payments, attract favorable commercial terms

which is not any increase in capex but we found an opportunity -- well we approached with an opportunity where we could bring forward some existing capex payments attract favorable commercial terms


As disclosed in previous 10-Qs as well as in our 10-Q filed earlier today, we have been in discussions with the California Attorney General and the Consumer Financial Protection Bureau.

as disclosed in previous 10-qs as well as in our 10-q filed earlier today we have been in discussions with the california attorney general and the consumer financial protection bureau


the way we ought to be thinking about the next several quarters in the absence of anything that materially changes in the industry in terms of competition or end market demand?


By the end of 2016, we will have replaced over half of our product with a fresh, contemporary line. Most of this assortment is in our stores today, and customer feedback has been very positive.

by the end of 2016 we will have replaced over half of our product with a fresh contemporary line most of this assortment is in our stores today and customer feedback has been very positive


That deterioration was a function of additional promotional activity, some of the clearance work on bamboo and engineered categories as well as the same obsolescence and mix effects of installation sales we saw in the year-over-year comparison.

that deterioration was a function of additional promotional activity some of the clearance work on bamboo and engineered categories as well as the same obsolescence and mix effects of installation sales we saw in the year-over-year comparison


and bring costs down in that process. And no different than past years, we have some initiatives we're putting in place to improve and reduce those costs that are more oriented to the second half of this year.

and bring costs down in that process and no different than past years we have some initiatives we're putting in place to improve and reduce those costs that are more oriented to the second half of this year


And we will continue to evaluate additional contingency plans to help navigate the situation in the longer term. With that brief introduction and overview, I'll now turn the call over to Jeff to provide more detail on the financial results for the quarter.

and we will continue to evaluate additional contingency plans to help navigate the situation in the longer term with that brief introduction and overview i'll now turn the call over to jeff to provide more detail on the financial results for the quarter


there could be some inactives in that number and -- but you know when they come on. You just don't know -- there's not like a resignation you get when they decide to stop selling.

there could be some inactives in that number and -- but you know when they come on you just don't know there's not like a resignation you get when they decide to stop selling


On Page 26 of the supplemental information, you will note the overall payer mix of our discharges has stabilized and is generally in line with the payer mix we've had over the last 3 quarters.

on page 26 of the supplemental information you will note the overall payer mix of our discharges has stabilized and is generally in line with the payer mix we've had over the last 3 quarters


so we plan to issue the series. And with that money, we will -- we believe that we will have money to serve our debt in the coming years without any equity injection from our side.

so we plan to issue the series and with that money we will -- we believe that we will have money to serve our debt in the coming years without any equity injection from our side


As you've heard from some of our peers already, many, if not most of the contentious Senate and governor races, seem to significantly cool off just as fourth quarter began. And even lower races did not bring out as much spending as expected.

as you've heard from some of our peers already many if not most of the contentious senate and governor races seem to significantly cool off just as fourth quarter began and even lower races did not bring out as much spending as expected


The project is on track, and first production is expected by the end of 2018. So those were just a few of the operational highlights from the first quarter. Now let's move to Slide 10 to discuss the remainder of the year.

the project is on track and first production is expected by the end of 2018 so those were just a few of the operational highlights from the first quarter now let's move to slide 10 to discuss the remainder of the year


The property taxes were down slightly as a percent of revenue due to reduction in property tax accruals for a specific geographic markets, has a more prominent impact on the Same Home results, in particular tax assessments in Houston came in lower than we had expected.

the property taxes were down slightly as a percent of revenue due to reduction in property tax accruals for specific geographic markets that have more prominent impact on the same home results in particular tax assessments in houston came in lower than we had expected


Final terms of the COFINA Plan of Adjustment and related documentation remain subject to change and court approval and local legislative action. A confirmation hearing is scheduled to be heard during the first quarter next year.

final terms of the cofina plan of adjustment and related documentation remain subject to change and court approval and local legislative action a confirmation hearing is scheduled to be heard during the first quarter next year


Primarily due to bankruptcy activities that occurred during the second quarter of 2017, the company is now focused on the low end of its original guidance range for comparable NOI, expecting full year performance to be essentially flat year-over-year.

primarily due to bankruptcy activity that occurred during the second quarter of 2017 the company is now focused on the low end of its original guidance range for comparable noi expecting full year performance to be essentially flat year-over-year


our view has been that we have even more opportunity there because we knew that the joint venture had some weaknesses in how it went to market and the consistency of how it went to market across the geography. So we feel very, very good

our view has been that we have even more opportunity there because we knew that the joint venture had some weaknesses in how it went to market and the consistency of how they went to market across the geography so we feel very very good


focused not only on the electric side of the business where you know there's a lot of investment needed to modernize the grid, upgrade the grid to allow for new forms of generation and demand response like we're seeing in the REV proceeding in New York.

focused not only on the electric side of the business where there's a lot of investment needed to modernize the grid upgrade the grid to allow for new forms of generation and demand response like we're seeing in the rev proceeding in new york


and you have lower cost credit facility capacity available to leverage up to your target to generate a higher return for shareholders, why wouldn't you do that first and then discuss

and you have lower cost credit facility capacity available to leverage up to your target to generate a higher return for shareholders why wouldn't you do that first and then discuss


those rates have not really come down much at all in the last 8 years, probably the only spread product that hasn't come down, to my knowledge. And what happened was when the unsecured corporate bond market opened up,

those rates have not really come down much at all in the last 8 years probably the only spread product that hasn't come down to my knowledge and what happened was when the unsecured corporate bond market opened up


And then we're also producing a higher percentage of asphalt sizes right now, and this is because of the visibility we have of all the highway work. And they're just a smaller size and they're just slower and harder to produce and more expensive to produce. But

and then we're also producing a higher percentage of asphalt sizes right now and this is because of the visibility we have of all the highway work and they're just a smaller size and they're just slower and harder to produce and more expensive to produce but


As Steve discussed, we expect to launch Rayaldee in the coming weeks. I'd like to provide our thoughts around expected revenue recognition over the next several quarters related to Rayaldee. Accounting guidelines by the SEC

as steve discussed we expect to launch rayaldee in the coming weeks i'd like to provide our thoughts around expected revenue recognition over the next several quarters related to rayaldee accounting guidelines by the sec


The patient, doctors, the pharma industry, the whole health care systems have a very high interest that the treatment is done correctly and also that the expected effect of the medication is reached.

the patient doctors the pharma industry the whole health care systems have a very high interest that the treatment is done correctly and also that the expected effect of the medication is reached


in January. And then the crew has already begun some preliminary work on the Wilson pad, which is the last pad really for this year to contribute production. So once that crew finishes up on the Fryes, they'll move directly to the Wilson. So

in january and then the crew has already begun some preliminary work on the wilson pad which is the last pad really for this year to contribute production so once that crew finishes up on the fries they'll move directly to the wilson so


Bob's experience in strategic finance coupled with the FedEx Ground team's immense knowledge of Ground operations and the industry trend will be instrumental as we chart our course for the future.

bob's experience in strategic finance coupled with the fedex ground team's immense knowledge of ground operations and the industry trends will be instrumental as we chart our course for the future


I'm pleased to say that Hub had a strong fourth quarter. Although we had not seen much of a peak at the time we reported our third quarter earnings, peak did begin in full force a few weeks later and lasted through the end of the year.

i'm pleased to say that hub had a strong fourth quarter although we had not seen much of a peak at the time we reported our third quarter earnings peak did begin in full force a few weeks later and lasted through the end of the year


and more depending on natural gas and we are very proud of being part of this system. We want to leverage businesses in the sector,

are more depending on natural gas and we are very proud of being part of this system we want to leverage businesses in the sector


strategic and restructuring and otherwise, we looked at the portfolio, we looked at what we had and we looked at what we wanted to be. And we estimated at that time that probably about 10% of the portfolio

strategic and restructuring and otherwise we looked at the portfolio we looked at what we had and we looked at what we wanted to be and we estimated at that time that probably about 10% of the portfolio


But we view that, as Jim said earlier, capital recycling is a fundamental part of the business. You would see us do some of that activity no matter what, really in any given year, to continue to reinvest in the portfolio and generate growth from that point forward.

but we view that as jim said earlier capital recycling is a fundamental part of the business you would see us do some of that activity no matter what really in any given year to continue to reinvest in the portfolio and generate growth from that point forward


and I would like all of you to pay attention to that. If you go back to long periods with all the curves of the products based on pulp, but considering

and i would like all of you could pay attention to that if you go back to long periods with all the curves of the products based on pulp but considering


you can make a case for consolidation and get it approved when a couple other competitors want to come together in theory. Any combination of the other 3 competitors is possible based on our look at it, but it would obviously be

you can make a case for consolidation and get it approved when a couple other competitors want to come together in theory any combination of the other 3 competitors is possible based on our look at it but it would obviously be


I remained on the board and was serving in that capacity through most of this year. During the third and fourth quarters of 2017, the board and management initiated a comprehensive review of our business strategy.

i remained on the board and was serving in that capacity through most of this year during the third and fourth quarters of 2017 the board and management initiated a comprehensive review of our business strategy


We believe this was primarily due to a decrease in international tourism and international tourism spend in New York City, which has been negatively impacted by weakness in the global economy.

we believe this was primarily due to a decrease in international tourism and international tourism spend in new york city which has been negatively impacted by weakness in the global economy


streamlining that can be done. The bad news is that we still think there's a lot of price pressure in the market. So I think it would be optimistic to forecast further margin improvement

streamlining that can be done the bad news is that we still think there's a lot of price pressure in the market so i think it would be optimistic to forecast further margin improvement


Let me now address our outlook for 2017 and the second quarter on Slide 11. We are making good progress against our commercial greatness and operational excellence initiatives.

let me now address our outlook for 2017 and the second quarter on slide 11 we are making good progress against our commercial greatness and operational excellence initiatives


In addition, we conducted successful full-duration hypersonic engine tests and completed the consolidation of our aircraft protection product line from Clearwater, Florida to our Northridge, California facility on schedule.

in addition we conducted successful full duration hypersonic engine tests and completed the consolidation of our aircraft protection product line from clearwater florida to our northridge california facility on schedule


Specific to the quarter, the residential business absorbed higher returns versus the prior year within the retail segment as well as higher rebates reflecting increased annual volume thresholds achieved within the quarter.

specific to the quarter the residential business absorbed higher returns versus the prior year within the retail segment as well as higher rebates reflecting increased annual volume thresholds achieved within the quarter


the quality of assets that are available? Like how many of the -- or how much of the market is good quality assets that you would like to have a relationship with? And then is it getting any easier acquiring control of those assets?

the quality of assets that are available like how many of the -- or how much of the market is good quality assets that you would like to have a relationship with and then is it getting any easier acquiring control of those assets


We also believe that this can only be accomplished with a digital experience, and it is the only way to deliver the kind of convenience and personalization, along with it being a more efficient platform that enables lower fees and a significantly enhanced value proposition.

we also believe that this can only be accomplished with a digital experience and it is the only way to deliver the kind of convenience and personalization along with it being a more efficient platform that enables lower fees and a significantly enhanced value proposition


to the culture of the company of really recognizing knowledge, skills and ability and the ability to really get into complex design opportunities

to the culture of the company of really recognizing knowledge skills and ability and the ability to really get into complex design opportunities


Turning back to the first quarter and beginning with our Agency portfolio. Agency spreads were certainly not immune to the dislocations that plagued markets in the first quarter. A relatively low leverage, durable cash flow profile

turning back to the first quarter and beginning with our agency portfolio agency spreads were certainly not immune to the dislocations that plagued markets in the first quarter our relatively low leverage durable cash flow profile


On the docGenix product side, last quarter, I mentioned that we were pursuing opportunities with a couple of high profile prospects and we're also seeing interest from an existing customer in incremental add-on services.

on the citogenics product side last quarter i mentioned that we were pursuing opportunities with a couple of high-profile prospects and we're also seeing interest from an existing customer in incremental add-on services


Today, healthy is the new skinny. Increasingly, people who join Weight Watchers are interested in something more than getting into a size 8 jean. They want to feel healthy and happy at every size.

today healthy is the new skinny increasingly people who join weight watchers are interested in something more than getting into a size 18 they want to feel healthy and happy at every size


the latter of which we recently received a warning letter related to last year's recall, we remain on track with the EPS accretion for both deals as their growth will accelerate through the remainder of the year.

the latter of which we recently received a warning letter related to last year's recall we remain on track with the eps accretion for both deals as their growth will accelerate through the remainder of the year


As far as the pace over the course of the year, there's probably going to be a little bit heavier acquisition volume, I would think, in the second half of the year as some of the

as far as the pace over the course of the year there's probably going to be a little bit heavier acquisition volume i would think in the second half of the year as some of the


So while the potential impact from the overlap of T-Mobile and Sprint assets in our portfolio could be as high as perhaps a mid-single digits percentage of LMRK's total revenue based on that simplistic analysis,

so while the potential impact from the overlap of t-mobile and sprint assets in our portfolio could be as high as perhaps a mid-single digits percentage of lmrk's total revenue based on that simplistic analysis


We are following the situation closely and are conducting estimates of the possible impact on the country's economy. We also keep a very high level of liquidity in the Nicaragua bank to manage any unforeseen circumstances.

we are following the situation closely and are conducting estimates of the possible impact on the country's economy we also keep a very high level of liquidity in the nicaragua bank to manage any unforeseen circumstances


And one last question. Just to date on that front, are there any concerns like as you start to go a little bit more vertical in the health care space, just in terms of patient data privacy, how do you manage those things going forward?

and one last question just to date on that front are there any concerns like as you start to go a little bit more vertical in the healthcare space just in terms of patient data privacy how do you manage those things going forward


We try to improve productivity in all of our stores and improve our expense approach. But what I can say is that we will continue to focus on that.

we try to improve productivity in all of our stores and improve our expense approach but what i can say is that we will continue to focus on that


The soft energy Sector negatively impacted operating results of certain of our travel centers, which, in addition to the volume impacts I just mentioned, saw their aggregate site level contribution excluding fuel margin

the soft energy sector negatively impacted operating results at certain of our travel centers which in addition to the volume impacts i just mentioned saw their aggregate site level contribution excluding fuel margin


Our extended gifting ranges performed particularly well, and our new fulfillment center in Guernsey enabled us to meet record levels of demand for both gifting and greeting cards over the key events in the period.

our extended gifting ranges performed particularly well and our new fulfillment center in guernsey enabled us to meet record levels of demand for both gifting and greeting cards over the key events in the period


Adjusted EBIT margin declined by 20 basis points versus the prior year to 5%. The benefits of Asia-Pacific growth, our pricing actions and integration initiatives helped to mitigate the impact of lower volumes in Europe

adjusted ebit margin declined by 20 basis points versus the prior year to 5% the benefits of asia pacific growth our pricing actions and integration initiatives helped mitigate the impact of lower volumes in europe


If the industry, at the behest of Wall Street and due to the lack of bank financing, fails to respond to the commodity price signal by failing to produce more, well, then the commodity price will just continue to rise until somebody grows production.

if the industry at the behest of wall street and due to the lack of bank financing fails to respond to the commodity price signal by failing to produce more well then the commodity price will just continue to rise until somebody grows production


There are 2 important examples, this I'd like to mention because they took enormous effort to get done properly. The first was the opening of a new consolidated customer service center in Newtown, Pennsylvania serving certain nearby regions.

there are 2 important examples of this i'd like to mention because they took enormous effort to get done properly the first was the opening of a new consolidated customer service center in newtown pennsylvania serving certain nearby regions


Since our last call, we launched our proprietary and flexible auto decision workflow application, which is a comprehensive overhaul of our technology that manages payer billing and follow-up operations.

since our last call we launched our proprietary and flexible auto decision workflow application which is a comprehensive overhaul of our technology that manages payer billing and follow-up operations


how are they trending across your various product groups right now and if you have seen any further extensions with the course of Q3 or are they coming back? Secondly, with respect to

how are they trending across your various product groups right now and if you have seen any further extensions over the course of q3 or are they coming back secondly with respect to


Before we begin, I would like to remind all participants that our comments made today will include forward-looking statements which are subject to certain risks and uncertainties and could cause actual results or events to materially differ from those

before we begin i'd like to remind all participants that our comments made today will include forward-looking statements which are subject to certain risks and uncertainties and could cause actual results or events to materially differ from those


this is a solution that was really developed by somebody who truly understands the -- how to deliver not just a broad analytics suite that allows a data expert to find needles in the haystack,

this is a solution that was really developed by somebody who truly understands the how to deliver not just a broad analytics fleet that allows a data expert to find needles in the haystack


a very successful sector in the market for us over the last 2 decades, and we continue to see that as a competitive advantage going forward. So some of what we're doing right now is just keeping up technology revs

very successful sector in the market for us over the last 2 decades and we continue to see that as a competitive advantage going forward so some of what we're doing right now is just keeping up technology revs


We continue to increase the size of our well packages and extend lateral lengths, while being careful to maintain per foot recovery. The goal of these measured improvements is to maximize the NPV per section of this consistently prolific asset.

we continue to increase the size of our well packages and extend lateral lengths while being careful to maintain per foot recovery the goal of these measured improvements is to maximize the npv per section of this consistently prolific asset


And that will be to our benefit because we've seen too many changes happening too fast in the marketplace, and we're actually seeing that the local competitors are the ones that are gaining share. Unilever globally is gaining share

and that will be to our benefit because we've seen too many changes happening too fast in the marketplace and we're actually seeing that the local competitors are the ones that are gaining share unilever globally is gaining share


the investor event in November, I explained that we will be carrying out a funding review of our pensions. This could include a onetime cash injection to reduce future cash requirements, and we'll update you on this once a firm decision is made.

at the investor event in november i explained that we would be carrying out a funding review of our pensions this could include a onetime cash injection to reduce future cash requirements and we'll update you on this once a firm decision is made


And third, we have redoubled our efforts to drive discipline, operational excellence within our stores and to mindfully allocate capital with a sharp focus on managing our corporate expenses.

and third we have redoubled our efforts to drive disciplined operational excellence within our stores and to mindfully allocate capital with a sharp focus on managing our corporate expenses


we continue to expect a net loss in fiscal '18. However, we anticipate our second half results to show improvement over the first half as new customer orders have strengthened as anticipated.

we continue to expect a net loss in fiscal '18 however we anticipate our second half results to show improvement over the first half as new customer orders have strengthened as anticipated


The Major Hazard Initiative has deliberately targeted workstreams. They identify for themselves the hazards that can lead to fatalities in the workplace. Unlike previous safety initiatives, it is not just top-down.

the major hazard initiative has deliberately targeted work streams they identify for themselves the hazards that can lead to fatalities in the workplace unlike previous safety initiatives it is not just top-down


Now I will go over the details of our Air Transportation business. Please turn to Page 36. This is a year-on-year comparison of changes in operating income for our Air Transportation business.

now i will go over the details of our air transportation business please turn to page 36 this is a year-on-year comparison of changes in operating income for our air transportation business


In addition, we have included non-GAAP financial information in our discussion. Reconciliations to the most comparable GAAP financial measures are included in the earnings release and in the appendix of the presentation.

in addition we have included non-gaap financial information in our discussion reconciliations to the most comparable gaap financial measures are included in the earnings release and in the appendix of the presentation


and those are just examples. And if we can deliver on those examples, there's a dozen more products that can come out of the pipeline either on our own or in conjunction with partners. And more likely than not, it will be in conjunction with partners.

and those are just examples and if we can deliver on those examples there's a dozen more products that can come out of the pipeline either on our own or in conjunction with partners and more likely than not it'll be in conjunction with partners


you to be able to integrate life, work and also tourism in your daily life every day. So every day is a holiday. FOLIDAY last year was listed.

you to be able to integrate life work and also tourism in your daily life every day so every day is a holiday holiday last year was listed


Besides the women's health line, we also expect to roll out a line of products designed to aid pathologists in distinguishing the characteristics of various tumors from biopsy specimens using technology developed by Enzo scientists.

besides the women's health line we also expect to roll out a line of products designed to aid pathologists in distinguishing the characteristics of various tumors from biopsy specimens using technology developed by enzo scientists


The FlowScript assay was based on a proprietary technology that allows multiplexing analysis of cellular function in a single assay via the simultaneous examination of each and every cell in a given sample.

the flowscript assay was based on a proprietary technology that allows multiplexing analysis of cellular function in a single assay via the simultaneous examination of each and every cell in a given sample


which is an embedded marketplace for customers to install new applications and enable new features like Business Inbox, which offers social messaging integration.

which is an embedded marketplace for customers to install new applications and enable new features like business inbox which offers social messaging integration


but I will tell you we are seeing early success. And part of the challenge is we've been talking about this for quite some time. They announced 6 to 9 months ago, and we told you what we were going to do, and now we're actually about doing it. So we have every confidence

but i will tell you we are seeing early success and part of the challenge is we've been talking about this for quite some time they announced 6 to 9 months ago and we told you what we were going to do and now we're actually about doing it so we have every confidence


And we have a very nice technical acumen in that area, and that's where some of our growth is coming from as well. So those are the 3 areas that we like. We've positioned ourselves as the go-to for those type of applications

and we have a very nice technical acumen in that area and that's where some of our growth is coming from as well so those are the 3 areas that we like we've positioned ourselves as the go-to for those types of applications


In essence, what was reflected back to us was that the whole positioning of SciClone as a unique China-focused specialty pharma company was very highly regarded by these third-parties.

in essence what was reflected back to us was that the whole positioning of cyclone as a unique china-focused specialty pharma company was very highly regarded by these third parties


So nothing's changed there, although we still -- our position is still that we are interested in forming a company, and to the extent that we do and we're able to describe that, we will do so in the not too distant future.

so nothing's changed there although we still -- our position is still that we are interested in forming a company and to the extent that we do and we're able to describe that we will do so in the not-too-distant future


hog production assets in Europe, they have very low cost. So are we going to acquire more assets?

of production assets in europe they have very low cost so are we going to acquire more assets


Our ability to deliver strong and predictable earnings and cash flow in the current environment is a reflection of the resilience of our low-risk business model. Our business model performs well and in a predictable fashion in high or low commodity price markets.

our ability to deliver strong and predictable earnings and cash flow in the current environment is a reflection of the resilience of our low-risk business model our business model performs well and in a predictable fashion in high or low commodity price markets


These impacts were partially offset by approved rate recovery. The interim rate true-up affected second quarter only, and the approved rate recovery will generate incremental revenue on a go-forward basis.

these impacts were partially offset by approved rate recovery the interim rate true-up affected second quarter only and the approved rate recovery will generate incremental revenue on a go-forward basis


half a dozen things. We showed that prospect using their own data, but we've invested quietly but significantly in the ability to manage large amounts of data that -- in very complex ways. And so when you look at fraud, waste and abuse

half a dozen things we showed that prospect using their own data but we've invested quietly but significantly in the ability to manage large amounts of data in very complex ways and so when you look at fraud waste and abuse


Their comments will be based on the earnings release which was issued today. A copy of the long version is available on the corporate website. Any comments made by the executive officers today may include forward-looking statements.

their comments will be based on the earnings release which was issued today a copy of the long version is available on the corporate website any comments made by the executive officers today may include forward-looking statements


The margins that we were trading on with that were very, very small and it got to the point where it was questionable whether or not we could consistently make money on those sales.

the margins that we were trading on with that were very very small and got to the point where it was questionable whether or not we could consistently make money on those sales


Our strongest overall results are being driven by sales to destination guests who were responsible for more than 3 quarters of our total growth and now represent approximately 44% of our total pass holders.

our strongest overall results are being driven by sales to destination guests who are responsible for more than 3 quarters of our total growth and now represent approximately 44% of our total pass holders


But you're continuing to push price increases here at the end of the year. So is there a scenario where you could actually be positive on price cost next year? Is that a fair way to think about it?

but you're continuing to push price increases here at the end of the year so is there a scenario where you could actually be positive on price cost next year is that a fair way to think about it


We're very grateful for her many contributions, and we wish her much happiness in her retirement. We'll now turn the call over to Bob to provide more detail on our financial results and outlook, in addition to our regulatory update. Bob?

we're very grateful for her many contributions and we wish her much happiness in her retirement we'll now turn the call over to bob to provide more detail on our financial results and outlook in addition to a regulatory update bob


up 30 basis points from Q2 '15. As can be seen on Slide 18, the rate of new prepayment claims denials declined from the level we had experienced in the 3 preceding quarters.

up 30 basis points from q2 '15 as can be seen on slide 18 the rate of new prepayment claims denials declined from the level we had experienced in the 3 preceding quarters


As Rakesh mentioned, due to all the acquisition activities, we had a prolonged close, so we elected to take the extra time allowed to finalize the remaining schedules. Please note that we do not anticipate any issues filing within

as rakesh mentioned due to all the acquisition activity we had a prolonged close so we elected to take the extra time allowed to finalize the remaining schedules please note that we do not anticipate any issues filing within


Enhancing our competitive edge is a key element of our long-term strategy and we remain focused on execution. We're further strengthening our core by maintaining a solid pipeline of new products and applications.

enhancing our competitive edge is a key element of our long-term strategy and we remain focused on execution we're further strengthening our core by maintaining a solid pipeline of new products and applications


that we have really pushed to move forward. And again, those aren't large dollar impacts as far as capital, but they are large dollar impacts by accelerating a debottlenecking of a system. And a good example of that is

that we have really pushed to move forward and again those aren't large dollar impacts as far as capital but they are large dollar impacts by accelerating a debottlenecking of the system and a good example of that is


Is there a lot of heavy lifting, I guess, left to do to kind of get you -- people are already using you outside of IT. What do you think has to happen to sort of take that next step to start talking to more line of business heads and CEO types?

is there a lot of heavy lifting i guess left to do to kind of get you -- people are already using you outside of it what do you think has to happen to sort of take that next step to start talking to more line of business heads and ceo types


they say, okay, you can do that as long as you use my acquiring. But once you do not use my acquiring, the lease will go to a different level, will be charged.

they say okay you can do that as long as you use my acquiring but once you do not use my acquiring the lease will go to a different level will be charged


We expect our Truckload fleet to hold relatively firm throughout 2016, with the only real reduction being realized by potential shifting from the Truckload units into other segments, such as our Dedicated,

we expect our truckload fleet to hold relatively firm throughout 2016 with the only real reduction being realized by potential shifting from the truckload units into other segments such as our dedicated


The first thing is that we've hired some -- from Aggreko, some mobile power generation units for Bulyanhulu, just to stabilize the power there so that we don't suffer

the first thing is that we've hired some -- from aggreko some mobile power generation units for bulianhulu just to stabilize the power there so that we don't suffer


Just to add one thing on your first question in terms of cost in the first half, do remember what we spoke about in the Q1, where we said that we were making sure that IT was not so backend loaded as it had been in previous years.

just to add one thing on your first question in terms of cost in the first half do remember what we spoke about in the q1 where we said that we were making sure that it was not so back-end loaded as it had been in previous years


we talked about not just redev, what was recently completed and currently in process, which is what that disclosure was, but we also talked about the other part of the life cycle of redevelopment, which was the future pipeline and everything that we're teeing up,

we talked about not just redev what was recently completed and currently in process which is what that disclosure was but we also talked about the other part of the life cycle of redevelopment which was the future pipeline and everything that we're teaming up


And we can see that this step of ongoing improvement in governance tends to continue. But we do not have any commitment

and we can see that this step of ongoing improvement in governance tends to continue but we do not have any commitment


which is how mid-size, mid- to high-end-size clients are adopting the platform is more of the solution approach to package solutions in a way that can be easily deployed.

which is how midsize -- mid to i n size clients are adopting the platform is more the solution approach to package solutions in a way that can be easily deployed


Our 2018 strategic initiatives are designed to specifically address each of these core issues, increase the level of service to our customers and improve our financial results.

our 2018 strategic initiatives are designed to specifically address each of these core issues increase the level of service to our customers and improve our financial results


sugar price weakness observed late last year. The market seems to be a little bit more optimistic about the Brazilian crop, but in our opinion, there are no fundamental changes in this scenario when compared to what we presented here in previous quarters.

sugar price at weakness observed late last year the market seems to be a little bit more optimistic about the brazilian crop but in our opinion there are no fundamental changes in this scenario when compared to what we presented here in previous quarters


because of operational variance as well as seasonality associated with both the fact that students graduating in May will be making their first payments in November. And so there's these waves of graduates that come in,

because of operational variance as well as seasonality associated with both the fact that students graduating in may will be making their first payments in november and so there's these waves of graduates that come in


But we're even more pleased with the composition of this backlog as it has been won through our more disciplined bidding process with a greater focus on vertical integration projects in contrast to our historically broader approach to the market.

but we're even more pleased with the composition of this backlog as it has been won through our more disciplined bidding and process with a greater focus on vertical integration projects in contrast to our historically broader approach to the market


The forward-looking statements are made only as of the date of today's conference call, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

the forward-looking statements are made only as of the date of today's conference call and the company undertakes no obligation to update or revise the forward-looking statements whether as a result of new information future events or otherwise


Moving on now to 2017 guidance. We are reconfirming our outlook in all principal components, provided on our February 8 earnings call, which also included the 2 acquisitions completed in January.

moving on now to 2017 guidance we are reconfirming our outlook in all principal components provided on our february 8 earnings call which also included the 2 acquisitions completed in january


Now in the second half of 2018 and particularly in the fourth quarter, we did see much stronger demand than we've been expecting across the entire portfolio. And that led to the stronger performance you've seen.

now in the second half of 2018 and particularly in the fourth quarter we did see much stronger demand than we've been expecting across the entire portfolio and that led to the stronger performance you've seen


Given the higher grades and the higher value of the stones that we have typically found out of the Satellite, we did want to push that a bit as much as possible, and we felt it's prudent at this time of the year given the performance we've had in the waste stripping side of the guidance.

given the higher grades and the high value of the stones that we have typically found out of the satellite we did want to push that a bit as much as possible and we felt it prudent at this time of the year given the performance we've had in the waste stripping to half the guidance


The decline in market share was not unexpected as we closed TMX Select, and Alpha was relaunched as an unprotected marketplace. These changes are made as part of the larger initiative to simplify and improve the trading experience for our clients.

the decline in market share was not unexpected as we closed tmx select and alpha was relaunched as an unprotected marketplace these changes were made as part of the larger initiative to simplify and improve the trading experience for our clients


Increasing services margin driven by alignment with our all-platform product strategy will also be on display this coming quarter and beyond. Helping our customers build more valuable businesses

increasing services margin driven by alignment with our all-platform product strategy will also be on display this coming quarter and beyond helping our customers build more valuable businesses


it is also appropriate to combine that style of investing with a certain level of more senior oriented structures, which provides a laddering effect in terms of overall yield and tenure across our investment portfolio.

it is also appropriate to combine that style of investing with a certain level of more senior-oriented structures which provides a laddering effect in terms of overall yield and tenure across our investment portfolio


Both Matt and I agree there is no reason Marvell with its existing structure today can't perform at the level of all of our peers or better.

both matt and i agree there is no reason marvell with its existing structure today can't perform at the level of all of our peers or better


I can tell you that we have some progress and some things have been finalized. But in terms of the overall contract, I think we still have more work that we need to do to settle this issue.

i can tell you that we have some progress and some things have been finalized but in terms of the overall contract i think we still have more work that we need to do to settle this issue